2013 ANNUAL REPORT MISSION Project Prosper prepares recent working immigrants to

par t ic ipate fu l ly in the economic l i fe o f the communi ty

through a program of smal l loans, matched savings,

mentor ing and f inancial educat ion.

TABLE OF CONTENTS A Message from the Pres ident 1

Bridging Our Paths:

Loan Program 2

F inancia l L i teracy Program 3

Development 4

Financial Summary 5

Board of Directors & Committee Members 6

A MESSAGE FROM THE

In  2013  Project  Prosper  set  out  to  be  the  bridge  for  immigrants  and  refugees  in  Tampa  Bay.    When  you  think  about  it,  we  each  have  had  someone  or  some  experience  that  has  acted  as  a  bridge  in  our  lives.    Whether  it  was  help  getting  an  interview  or  an  invaluable  letter  of  reference,  or  perhaps  getting  introduced  to  a  new  friend  or  contact  upon  moving  to  a  new  community.    All  of  these  bridged  experiences  have  helped  us  to  access  educational  experiences,  professional  opportunities,  or  social  connections  in  ways  that  have  made  our  lives  better.    It  is  through  these  connections  that  we  are  able  to  make  our  way  and  create  stability  and  opportunity  in  our  lives.  This  is  exactly  what  Project  Prosper  strives  to  do  for  its  participants:  Be  the  bridge.      

 

To  Donate  visit  us  Online  at  www.projectprosper.org  or    Mail  to:  10300  49th  Street  North  Suite  402,  Clearwater,  Florida  33762    

 In  2013  we  focused  on  how  we  could  be  the  bridge  to  the  American  financial  system  for  Project  Prosper  borrowers  and  financial  literacy  students,  enabling  them  to  achieve  financial  security  and  success  for  themselves  and  their  families.    We  provided  12  small  no-­‐interest  loans  that  allowed  participants  to  pursue  permanent  residency  or  U.S.  citizenship,  purchase  cars  to  enable  more  robust  employment  opportunities,    as  well  as  purchase  computers  and  furnishings  for  their  homes.    Each  of  these  12  borrowers  was  matched  with  a  mentor  who  will  continue  to  be  a  conduit  to  successful  navigation  of  the  American  financial  system  over  the  next  2  years.    Additionally,  Project  Prosper  volunteers  reached  over  1,000  Financial  Education  participants  to  help  them  understand  the  importance  of  credit  and  credit  reports,  how  to  budget  and  shop  responsibly,  as  well  as  how  to  protect  themselves  and  their  financial  information.    Instructors  explained  sometimes-­‐foreign  concepts  surrounding  loans,  interest,  and  fair  lending  practices  in  the  United  States,  thus  empowering  participants  with  the  knowledge  to  make  sound  financial  decisions  and  steer  clear  of  predatory  lending  practices.    Furthermore,  Project  Prosper  acted  as  a  bridge  for  its  volunteers,  connecting  over  20  individuals  with  meaningful  opportunities  to  get  involved  in  their  community  teaching  financial  education  classes,  acting  as  mentors,  and  serving  on  the  Loan  Committee.      

2013  was  a  year  of  building  bridges.    It  was  a  year  of  creating  interconnected  paths  and  empowering  recent  immigrants  and  refugees  to  get  where  they  want  to  go.    And  most  importantly,  it  was  a  year  of  expanded  and  enhanced  programming  that  enabled  recent  immigrants  and  refugees  to  successfully  pursue  the  dreams  that  brought  them  to  America.      

   Molly  Auld  President  of  the  Board  

1  

LOAN PROGRAM

Left to Right: Jasmina (PP mentor), Alyaa and her son (Iraqi Refugee & borrower), and Lena Rogachevsky (PP Loan Committee Chair)

2  

12 Total Loans Approved

5 Total Loans

Satisfactorily Completed

3 Total Borrowers

Received Matched Savings

0 Borrowers Defaulted

It  has  been  a  very  productive  year  for  the  Project  Prosper  Loan  Committee.    The  Committee  met  our  annual  lending  goal  by  approving  a  total  of  twelve  (12)  loans  in  2013  –  an  increase  of  25%  over  2012.  This  brings  the  total  from  our  inception  in  2007  to  50  loans  made.    We’re  happy  to  report  that  our  borrowers  have  continued  to  repay  our  confidence  in  them:  Because  no  borrower  has  ever  defaulted,  our  loan  fund  is  constantly  replenished,  thus  making  the  funds  available  to  make  new  loans  each  year.  

Five  loans  were  successfully  completed.  Upon  repaying  their  loans  in  full,  each  of  the  five  borrowers  received  a  check  for  10%  of  the  original  loan  amount,  representing  the  self-­‐interest  they  had  paid  over  the  life  of  the  loans.  Three  of  the  five  borrowers  also  completed  financial  literacy  courses,  thereby  earning  a  one-­‐to-­‐one  match  of  their  savings.  The  remaining  two  borrowers  were  not  able  to  finish  their  courses,  and  so  were  ineligible  for  their  matched  savings  grants.    Sometimes  work  and  family  obligations  or  language  or  educational  barrier  prevent  borrower  from  completing  the  financial  literacy  coursework.    Project  Prosper  wants  every  borrower  to  earn  matched  savings,    so  we’ve  introduced  enhancements  to  our  Mentoring  Program,  whereby  we  will  begin  earlier  and  use  a  more  personal  approach  to  engage  borrowers  in  completing  the  financial  literacy  requirement.  

  The  purposes  for  loans  originated  in  2013  included:  funds  for  citizenship  and  visa  issues,  the  purchase  and  repair  of  vehicles,  the  purchase  of  a  desktop  computer,  and  the  purchase  of  home  furnishings.    Each  loan  helped  recipients  move  forward  in  creating  a  stable  future  for  themselves  and  their  families.    For  example,  the  loan  made  for  the  computer  allowed  the  borrower  to  begin  studying  to  become  a  legal  assistant.    Currently  she  works  assisting  other  new  immigrants  at  a  local  social  service  agency.  By  obtaining  her  paralegal  certification,  she  hopes  to  become  more  qualified  in  her  profession  so  she  can  better  help  other  new  immigrants  in  her  community.  

  Our  2013  loan  recipients  were  originally  from:  Columbia,  Cuba,  Ecuador,  Peru,  Venezuela,  and  Iraq.    Loan  applicants  in  2013  were  referred  through  our  Community  Partners,  including  Lutheran  Services  of  Florida  and  the  CARIBE  Program.  

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FINANCIAL LITERACY

In  2013,  Project  Prosper’s  Financial  Literacy  Program  experienced  incredible  growth  and  implemented  a  number  of  program  updates  to  more  effectively  serve  our  target  population.    Working  with  approximately  20  volunteer  instructors,  Project  Prosper  was  able  to  reach  1,103  students  through  77  classes  in  the  Tampa  Bay  area.    With  our  successful  and  continued  expansion  into  Hillsborough  and  Pasco  Counties,  we  were  able  to  increase  the  number  of  students  reached  by  18.6%  and  classes  taught  by  8.4%.      

 

0"20"40"60"80"

100"120"140"160"180"200"

Banking"Basics"

Budge3ng"and"Savings"

Smart"Shopping"

Credit"and"Loans"

Credit"Reports,"Scores"and"Debt"

Protec3ng"Yourself"Financially"

Review"Class"

High"School"Students"

Number'of'Students'Reached'

2012" 2013"

Total"Students"Reached"in"2013"="1,103"

Again  we  saw  a  wide  variety  of  student  nationalities  with  the  largest  percentage  of  our  participants  coming  from  Latin  America.    Additionally,  it  is  important  to  note  that  our  services  continue  to  reach  a  population  in  need  with  87%  of  our  students  qualifying  as  low-­‐moderate  income  individuals  making  less  than  $30,000  a  year,  of  which  60%  report  income  of  less  than  $15,000  a  year.  

Not  only  did  Project  Prosper  reach  additional  students  in  2013,  but  it  also  was  able  to  better  serve  the  students  reached  through  the  usage  of  updated  participant  guides  (the  take  home  materials  made  available  to  all  students),  and  initiating  a  review  class.    The  review  class  was  specifically  successful  in  ensuring  student  mastery  of  the  curriculum  as  well  as  increasing  our  students’  information  retention  rates.    This  review  class  allows  students  to  revisit  the  highlights  of  each  of  the  previous  6  classes.      

DEVELOPMENT Project  Prosper  funds  its  operations  primarily  through  3  sources:  

• Annual  Breakfast  for  Loans  and  Literacy  Fund/Friendraiser  • Grants  • Individual  donors  

In  2013,  Project  Prosper  raised  over  $45,000  to  finance  our  expanded  programs,  with  40%  attributable  to  the  Annual  Breakfast,  49%  from  corporate  and  foundation  grants,  and  11%  from  other  individual  donations.

Our  4th  Annual  Breakfast  for  Loans  and  Literacy  was  themed  “Bridging  our  Paths”  and  highlighted  the  many  ways  that  others  provided  mentoring,  education,  and  kindness  that  served  as  conduits  to  success  for  ourselves  and  our  ancestors.  Thanks  to  Event  Sponsor  Raymond  James  Bank  and  Corporate  Sponsors  1st  United  Bank,  Regions,  American  Municipal  Securities  and  Rokosz  Studios,  every  penny  donated  at  the  Breakfast  goes  directly  to  support  Project  Prosper’s  programs.  This  year’s  breakfast,  with  106  in  attendance,  was  our  most  successful  yet  with  over  $18,000  raised  and,  just  as  important,  many  new  Project  Prosper  volunteers  were  recruited.  

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At  the  Annual  Breakfast,  Project  Prosper  once  again  recognized  a  Community  Partner  or  Supporter  for  its  sustained  commitment  to  collaborating  in  furtherance  of  our  mission,  to  empower  immigrants  and  refugees  to  integrate  successfully  into  the  economic  and  financial  mainstream  of  the  Tampa  Bay  area.  The  2013  recipient  of  Project  Prosper’s  Empowerment  Award  was  Tomlinson  Adult  Learning  Center.  The  partnership  between  Tomlinson  and  Project  Prosper  dates  back  to  the  inception  of  Project  Prosper  in  2008  when  Tomlinson  became  the  first  educational  program  to  partner  with  our  organization.    From  2008  through  2013,  Tomlinson  hosted  71  financial  literacy  classes  taught  by  Project  Prosper  instructors.    Each  class  averaged  approximately  12  students,  totaling  over  860  students  reached  during  the  past  five  years  thanks  to  this  partnership.    Additionally,  two  of  the  borrowers  in  Project  Prosper’s  Loan  Program  came  to  us  through  Tomlinson.    These  loans  were  used  to  achieve  goals  like  attending  school  to  secure  technical  training  and  certification,  as  well  as  purchasing  a  car  to  be  able  to  commute  to  work.    

In  2013,  grants  accounted  for  over  half  of  Project  Prosper’s  revenues.    Major  funding  for  Project  Prosper’s  Financial  Literacy  Program  was  provide  by  Wells  Fargo.    Additional  support  was  provided  by  SunTrust  Bank  in  order  to  support  financial  literacy  programming  in  Pasco  County.  Raymond  James  Bank  provided  the  funds  for  one  of  the  12  loans  Project  Prosper  made  in  2013,  as  well  as  9  additional  matched  savings  funds.    

2014 Empowerment Award: Tomlinson Adult Learning Center Director Debby Vanderwoude (holding Award) with proud Tomlinson colleagues

* Excludes Breakfast donations ** Includes individual donations and corporate sponsors

Project  Prosper  is  grateful  to  the  corporate  sponsors  and  foundation  grantors  who  entrust  us  with  funds  to  reach  the  immigrant  and  refugee  population  in  Tampa  Bay  to  provide  them  with  financial  literacy  tools  and  with  funds  to  help  them  achieve  their  dreams.    We  are  also  proud  that  nearly  one-­‐third  of  our  funds  come  from  individual  donors  who,  through  their  dollars,  demonstrate  their  faith  in  and  support  for  Project  Prosper’s  programs.      

2013 Breakfast Committee volunteers, from left: Chair Kitty Rawson, Birgit Nessmann, Bridget Taylor, Maxi Wood, Nicole Holler, Bonnie Riggens

Income  and  Cash  Inflows     2013   2012  Individual  Donations   $   $16,800.00   $   14,615.82  Corporate  Grants  and  Donations  

 $   $27,500.00   $   24,650.00  

Non-­‐Profit  and  Trusts     $   $1,250.00   $   1,300.00  Interest  Income     $   2.00   $   0.00            

 

       

 

 

 Total  Income  and  Cash  Inflows   $   $45,552.00    $   40,565.82    

 Expenses  and  Cash  Outflows    Loan  Program*  

 $   $8,069.00   $   5,477.80  

Matched  Savings  Program    

$   380.00   $   450.00  Financial  Education  Program  

 $   $21,801.00   $   19,835.43  

Total  Program  Expenses  &  Outflows     $   $30,320.00   $   25,763.23  

           

     Development  

 $   $8,326.00   $   4,318.88  

Administrative    

$   $1,209.00   $   815.77  Total  Other  Expenses  

 $   $9,535.00   $   5,134.65  

   Total  Expenses  and  Cash  Outflows   $   $39,855.00   $      30,897.88     *Note  the  Expense  Report  does  not  include  the  $17,600  outflow  to  fund  12  loans  in  2012.  

   Increase  in  Net  Assets   $   $5,697.00   $     9,667.94  

2013 FINANCIAL SUMMARY

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Project Pro$per is a 501(c) (3) tax-exempt organization. Contributions to Project Pro$per are tax-deductible as allowable by the law.

A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING 1-800-435-7352, TOLL-FREE WITHIN THE STATE. REGISTRATION DOES NOT IMPLY

ENDORSEMENT, APPROVAL OR RECOMMENDATION BY THE STATE. REGISTRATION # CH23333

BOARD OF DIRECTORS AND LEADERSHIP

10300  49th  Street  North,  Suite  402  Clearwater,  FL  33762    

(727)  266-­‐0816  info@projectprosper.org  

 

Program Manager Maxi Wood Project Prosper Clearwater, FL

Treasurer Scott Macdonald Bluesky Communities, LLC Saint Petersburg, FL Trustee Jared Abelman American Municipal Securities Saint Petersburg, FL

President Molly Auld Saint Petersburg, FL Co-Founder and Secretary Robin Warren Saint Petersburg, FL Trustee Mark Marder Saint Petersburg, FL

To learn more about Project Prosper’s work in the Bay Area, volunteer, or donate now visit:

ProjectProsper.org  

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Vice President Lola Walker, CFRE Keller Williams Realty Saint Petersburg, FL Loan Committee Chairperson Lena Rogachevsky Saint Petersburg, FL Trustee Luis Garzon Custom Vending Solutions New Port Richey, FL